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Mobile wallets for Bitcoin and altcoins are the most used wallets because of their easy accessibility. For popular cryptocurrencies, you will find mobile wallets compatible with both Android and iOS. Even for lesser-known cryptocurrencies, you can expect a decent Android version.
Mobile wallets are the fourth most secure way to store your cryptocurrencies because they are always connected to the internet hot wallets and can be flawed by their development communities. Note : Do read about the security risk of mobile, desktop, and web wallets. This will help you make an informed decision. Desktop wallets for Bitcoins and cryptocurrencies are installable software packs that are available for most desktop operating systems such as Mac, Windows, and Linux.
Any cryptocurrency that is serious about itself will launch its desktop versions of wallet on day one. Since it is your desktop or laptop that often connects to the internet, you need to follow the basic security measures such as antivirus and anti-malware software along with a strong firewall.
Multiple desktop wallets are available for Bitcoin and other popular cryptocurrencies that you should use instead of keeping your cryptos on exchanges. When Bitcoin was launched in , paper wallets were the only secure way to store this popular crypto asset. It is why only a select few were able to buy and store BTC back in the day.
Thanks to technology advancement and wider adoption, there are now other types of wallets available for storing crypto assets. Paper wallets are not for everyone because they are a tad bit technical and require a high level of caution from the user. It is so because in a typical paper wallet you just print your private keys and public addresses on a piece of paper and start transferring your bitcoins or altcoins on it.
As it keeps your private keys offline, it is another secure way of storing your cryptos but not all cryptocurrencies offer paper wallets. For popular cryptocurrencies, you will easily find paper wallets that must be used with caution. They are the second most secure way to store your cryptocurrencies. Note : As technology has advanced, people mostly use Hardware wallets instead of paper wallet. I saved the best for the last as this type of crypto wallet is recommended for high value investors.
In fact, hardware wallets are the most secure type of cryptocurrency wallets that you can use. Hardware wallets , as the name suggests, are hardware devices built specifically for handling private keys and public addresses. It is a USB-like device with an OLED screen and side buttons to navigate through the wallet interface that also comes with native desktop apps for different cryptocurrencies. It is a device that you can connect to a PC or mobile device via USB even on an infected device although not advised.
Since your seed word is shown on an external screen hardware wallet screen and the private key is also stored on the wallet, it makes your crypto storage super secure. Here is an image of the popular Ledger Nano X wallet in which you can see the screen and buttons to navigate. This is also one of the devices with Bluetooth feature, which can be connected to your phone or laptop. To make it easy for you, I have already created a guide on the best hardware wallets of If you want to know more about how a hardware wallet works, here is a video tutorial series on Ledger Nano S wallet:.
The private keys are held online for these wallets in your browser itself. Web wallets are also prone to DDOS attacks. A simple example of the web wallet is storing cryptocurrencies on a crypto exchange. It also means, if tomorrow the exchange got hacked or shut down, you would lose your cryptocurrencies.
This is why you should keep only those cryptocurrencies on an exchange that you are actively trading. For the remainder, you should consider moving them to a hardware wallet most secure or mobile wallet medium secure. How to do that? I will share it in an upcoming article. You can use mobile wallets such as Trust wallet instead of web wallets.
In the above table, I have deliberately listed the different types of crypto wallets in order from the safest to least secure. The safest wallet for crypto is a cold wallet, which is typically a hardware wallet. There are many hardware wallets out there, and two of the best once are: 1. Ledger Nano X 2. Trezor Wallet. Yes, a crypto wallet can be hacked and how secure you are depending on the type of wallet you are using.
Most of the private crypto wallets are untraceable. Such as Trust wallet, Ledger wallet, Phantom wallet, and other wallets that are suggested above. However, your I. P could be exposed easily, and that is why it is recommended to use a VPN while interacting with a crypto wallet.
You can find the best VPN for crypto here. Crypto wallet uses public and private key cryptography to give you access to your cryptoassets. The public key enables others to send cryptoassets to you, and the private key gives you the ownership to spend it.